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Rewrites throughout, adds tax on short-term rentals, levy on cruise ship visitors
By Stamos Prousalis and Angeliki Koutantou
ATHENS, Sept 16 (Reuters) - A ban on new licences for short-term rentals in three districts in central Athens will be in force for at least a year, the Greek government said on Monday, also raising the tax on such holiday lets.
Like many other European tourism destinations, Greece is seeking to balance a profitable industry fuelled by online platforms such as Airbnb with the needs of locals facing a housing shortage.
A lack of housing and the rising cost of living prompted the country this month to announce to increase a tax on short-term rentals, ban new licences in central Athens and give homeowners incentives to switch to long-term rentals.
Detailing that plan, Greek Tourism Minister Olga Kefalogianni said on Monday that the ban for new licences on short-term rentals in three districts in central Athens could be extended beyond the initial one year.
"We have found that they (short-term rentals) operate somehow as hotels, while there is also a lot of pressure on society," Kefalogianni told reporters.
With many homeowners choosing short-term lets for their property, Athenians are having a hard time to find an affordable house to rent.
"I was looking for a house for 8-9 months and ended up in the one I'm in now," said Alma Lazi, 34, a private sector worker who lives in the central Athens borough of Pangrati.
"Even during that period when I was looking and expanding the range of areas that I was considering, I didn't find anything I could afford to maintain."
A daily tax on short-term rentals which helps the country deal with the impact of natural disasters related to climate change will be increased to 8 euros from 1.5 euros for the April-to-October period, Finance Minister Kostis Hatzidakis said. The tax will rise to 2 euros from 0.5 euros for the winter months.
The government did not specify when the new measures would take effect.
Greece expects its revenues from tourism to hit 22 billion euros this year, another record high, Kefalogianni said.
The Mediterranean country, with its crystal-clear waters and pristine beaches, reported record tourism revenues of 20.6 billion euros last year. Data so far indicated that 2024 will be another good year, Kefalogianni added.
"Greece is in the top 10 of the most popular tourist destinations in the world," she said. "We can be hopeful that revenues could reach as much as 22 billion euros."
A 20-euro levy on cruise ship visitors to the islands of Santorini and Mykonos during the peak summer season, another measure announced earlier this month to battle over-tourism, will take effect next year, Kefalogianni said.
($1 = 0.8986 euros)
(Reporting by Lefteris Papadimas and Angeliki Koutantou; Editing by Tomasz Janowski and Keith Weir)
(( angeliki.koutantou@thomsonreuters.com ; +30 2102214608; Reuters Messaging: angeliki.koutantou.reuters.com@reuters.net ))
Keywords: GREECE-ECONOMY/TOURISM-RENTALS (UPDATE 2, TV, PIX)
The latest trading session saw Booking Holdings (BKNG) ending at $3,932.59, denoting a +1.6% adjustment from its last day's close. The stock's change was more than the S&P 500's daily gain of 0.54%. Elsewhere, the Dow saw an upswing of 0.72%, while the tech-heavy Nasdaq appreciated by 0.65%.
Heading into today, shares of the online booking service had gained 6.49% over the past month, lagging the Retail-Wholesale sector's gain of 9.25% and outpacing the S&P 500's gain of 4.86% in that time.
Investors will be eagerly watching for the performance of Booking Holdings in its upcoming earnings disclosure. In that report, analysts expect Booking Holdings to post earnings of $77.68 per share. This would mark year-over-year growth of 7.41%. Meanwhile, the latest consensus estimate predicts the revenue to be $7.62 billion, indicating a 3.76% increase compared to the same quarter of the previous year.
For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of $176.92 per share and a revenue of $22.95 billion, representing changes of +16.23% and +7.4%, respectively, from the prior year.
Investors should also take note of any recent adjustments to analyst estimates for Booking Holdings. These latest adjustments often mirror the shifting dynamics of short-term business patterns. Hence, positive alterations in estimates signify analyst optimism regarding the company's business and profitability.
Our research shows that these estimate changes are directly correlated with near-term stock prices. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 0.1% lower. Right now, Booking Holdings possesses a Zacks Rank of #3 (Hold).
In the context of valuation, Booking Holdings is at present trading with a Forward P/E ratio of 21.88. This expresses a discount compared to the average Forward P/E of 22.59 of its industry.
We can additionally observe that BKNG currently boasts a PEG ratio of 1.18. Comparable to the widely accepted P/E ratio, the PEG ratio also accounts for the company's projected earnings growth. The Internet - Commerce industry had an average PEG ratio of 1.18 as trading concluded yesterday.
The Internet - Commerce industry is part of the Retail-Wholesale sector. With its current Zacks Industry Rank of 69, this industry ranks in the top 28% of all industries, numbering over 250.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Zacks Investment Research
ATHENS, Sept 13 (Reuters) - Greece said on Friday it would give a three-year tax break to homeowners who convert their short-term rentals to long ones, becoming the latest European country to clamp down on holiday lets to tackle a housing shortage.
Europe's short-term rental boom has already prompted tourism hotspots such as Spain's Canary Islands, Lisbon, Berlin and Florence to announce restrictions on such lets, which many local people blame for pricing permanent residents out of the market.
As part of a plan to tackle housing shortages, Prime Minister Kyriakos Mitsotakis said last week that Greece also planned to increase a tax on short-term rentals and ban new licences in central Athens.
Residents of the capital responded positively to the plans.
"It's a huge issue because it's changing the urban landscape. Where there are traditional buildings, now there’s a modern one next to them, designed to be an Airbnb," says 58-years old Athens resident Penny Platanitou.
Valentina Reino, head of public policy for Airbnb in Southern Europe, said on Friday that her company was ready to work with the Greek government on "targeted and proportionate solutions".
Low wages, high inflation, property shortages and the growth in short-term holiday rentals have fuelled a housing crisis in Greece still recuperating from a nearly decade-long debt crisis. Low-income earners, young couples and students have been hit particularly hard.
Greece has spent 2.2 billion euros so far to subsidise low-interest loans to help young people onto the property ladder and will earmark an additional 2 billion euros to extend the plan to couples up to 50 years old.
"Greece, indeed, has joined that team of countries in recent years where the housing shortage is pushing families unbearably," Sofia Zacharaki, Greece's minister for social cohesion and family affairs, told a press conference to present the plan.
(Reporting by Lefteris Papadimas and Angeliki KoutantouEditing by Christina Fincher)
(( angeliki.koutantou@thomsonreuters.com ; +30 2102214608; Reuters Messaging: angeliki.koutantou.reuters.com@reuters.net ))
Keywords: GREECE-ECONOMY/TOURISM-RENTALS (PIX, TV)
Airbnb, Inc. (ABNB) closed the most recent trading day at $117.36, moving +1.21% from the previous trading session. This change outpaced the S&P 500's 0.75% gain on the day. At the same time, the Dow added 0.58%, and the tech-heavy Nasdaq gained 1%.
Shares of the company witnessed a loss of 0.24% over the previous month, trailing the performance of the Computer and Technology sector with its gain of 2.48% and the S&P 500's gain of 4.03%.
The investment community will be paying close attention to the earnings performance of Airbnb, Inc. in its upcoming release. The company is expected to report EPS of $2.26, down 5.44% from the prior-year quarter. At the same time, our most recent consensus estimate is projecting a revenue of $3.72 billion, reflecting a 9.37% rise from the equivalent quarter last year.
For the annual period, the Zacks Consensus Estimates anticipate earnings of $4.39 per share and a revenue of $11.03 billion, signifying shifts of -39.36% and +11.18%, respectively, from the last year.
It's also important for investors to be aware of any recent modifications to analyst estimates for Airbnb, Inc. Recent revisions tend to reflect the latest near-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.
The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 0.93% downward. Airbnb, Inc. presently features a Zacks Rank of #3 (Hold).
In terms of valuation, Airbnb, Inc. is presently being traded at a Forward P/E ratio of 26.4. This denotes a premium relative to the industry's average Forward P/E of 15.36.
One should further note that ABNB currently holds a PEG ratio of 1.54. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. As of the close of trade yesterday, the Internet - Content industry held an average PEG ratio of 1.3.
The Internet - Content industry is part of the Computer and Technology sector. This industry currently has a Zacks Industry Rank of 56, which puts it in the top 23% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Zacks Investment Research
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